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To: pater tenebrarum who wrote (99420)	5/3/2001 5:10:28 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

<<one week of somewhat bearish inventory data does little to dent the bigger picture.>> There was also a (rather poorly conceived) sector downgrade of all of the refiners yesterday by CSFB on the argument that high prices would reduce demand. Perhaps it will though I doubt it, Americans will simply reduce vacation costs by driving to somewhere nearby instead of flying this summer if their budgets are pinched. More likely, they'll just run up the credit card balances and not worry about it. If refining margings stay anywhere close to where they are now, the refiners and the integrateds will continue to print boatloads of cash. I am still bullish on refiners, tankers and NG generally, and added a bit of TK, HGT, VLO and TX yesterday. The deep water drillers and E&P's may have some trouble, though, if OPEC doesn't take up the production slack (and in fact, that may be OPEC's rationale in order to discourage non-OPEC producers).